Groupe STG, a portfolio company of Hivest Capital Partners, has divested its logistics activities Boréal Logistics to a consortium of investors
Boréal Logistics
Boréal Logistics is a group specializing in temperature-controlled logistics, originating from the STG Group. Based in Montrouge and with 12 locations throughout France, it relies on experienced teams and proven infrastructure to support its clients with the highest standards and reliability. Driven by an ambitious growth plan, the group intends to expand its network and strengthen its capabilities to better serve its clients.
The Deal
Lincoln International is pleased to have advised STG, a portfolio company of Hivest Capital Partners, on the sale of its logistics activities, now operating as Boréal Logistics, to Nicolas Nonon, backed by a consortium of private and financial investors. With €90 million in revenue, 850 employees and 12 sites across France, Boréal Logistics is a leading player in temperature-controlled logistics, serving major customers across the food industry and foodservice sectors.
The transaction marks the beginning of a new chapter for Boréal Logistics as an independent group with a dedicated management team and strengthened financial resources to support its growth ambitions, including the expansion of its footprint and capacities across France. The transaction also enables STG to further focus on its core temperature-controlled transportation activities. The STG / Boréal Logistics transaction further underscores the strong attractiveness of temperature-controlled transportation & logistics, driven by resilient demand across food and pharma end markets, increasing supply chain complexity and the strategic value of scaled, mission-critical logistics platforms.
Our Perspective
“The transaction further demonstrates Lincoln International’s strong momentum in the transportation & logistics sector across Europe,” commented Ludovic Rodié, Managing Director and Head of France at Lincoln International. “It builds on our extensive track record in the sector and further strengthens our position as a leading mergers and acquisitions advisor, with particularly deep expertise in temperature-controlled and specialized logistics.”
“Mergers and acquisitions activity in temperature-controlled logistics remains robust, particularly across the resilient food and pharma segments,” commented Dirk Engelmann, Managing Director. “The sale of Boréal Logistics marks the fourth transaction we have advised on in this subsegment in Europe year-to-date 2026, underscoring the sustained level of investor interest and transaction activity across the market.”
STG
Founded in 1949, STG is a major player in temperature-controlled transport in France. A specialist in the cold chain, STG supports manufacturers, distributors and foodservice professionals in the management and delivery of their fresh, ultra-fresh and frozen products. With a nationwide network and recognized expertise spanning over 75 years, the group places quality of service, customer proximity and responsible commitment at the heart of its development.
Hivest Capital Partners
Hivest Capital Partners is an independent European private equity firm, authorized by the Autorité des marchés financiers (AMF). With c. €900 million under management, Hivest Capital Partners invests in ownership transition and development projects for small and mid-cap companies with revenues generally ranging from €50 million to €500 million. Its mission is to help companies reach their full potential through operational performance improvements and innovative growth strategies.
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